De Angelis sells Sydney north-west hotel after 18 years
Closely following the announcement of the sale of both the North Nowra Tavern and Liverpool's Macquarie Hotel, leading national pub brokerage agency HTL Property now advises the successful sale of Bligh Park Tavern in Sydney's burgeoning North-West growth corridor.
HTL Property agents Dan Dragicevich, Andrew Jolliffe and Sam Handy were exclusively appointed to steer the successful sale process.
The large format hotel was sold on behalf of the prominent De Angelis family, who have owned the hotel for 18 years and now operate an impressive portfolio of hospitality properties throughout greater Sydney, including the Bath Arms Hotel (Burwood), Macarthur Tavern (Campbelltown), Green Valley Hotel (Miller) and Raby Tavern in Sydney's South West. The De Angelis family were also the successful purchaser of the Macquarie Hotel in the Liverpool CBD last month.
"Our family has had the Bligh Park Tavern for the last 18 years and have thoroughly enjoyed our association with the area during this time. We sincerely wish the purchasers every success and thank the HTL team for their tireless efforts to achieve a result that is testament to our tenure in the asset” advised Pete De Angelis.
“The Bligh Park Tavern is one of the first pubs to sell after the COVID-19 restrictions and reinforces the industry’s patent resilience in the face of the global health and economic crisis. Sales such as this demonstrate clearly that valuations have held up strongly over the period and there is well and truly still an equitable and liquid market for vendors and purchasers to participate in” advised HTL Property's National Director Dan Dragicevich.
The Bligh Park Tavern is a large format suburban freehold hotel prominently positioned within an exclusive catchment of 12,250 residents. The business generates more than ~ $4.375 million in annual revenues with strong bar, gaming, wagering and bottle shop contributions. The hotel features 21 very valuable gaming machine licences and was ranked #475 in the latest June 2020 gaming rankings. The hotel is located across an expansive trading footprint; with a beer garden, kid’s playground and ample car parking.
“The Bligh Park Hotel is strategically located at the Northernmost tip of the North-West Sydney growth corridor, which will see some 33,000 new homes delivered in order to accommodate over 250,000 new residents" added HTL Property Director, Sam Handy.
"Hotels maintain dynamic response revenue levers, such as food, beverage and gaming. As such they can very rapidly become cash flow generators; and hence why they have enjoyed a first mover benefit over other share of dollar competitors operating upon the national hospitality and leisure asset landscape" concluded HTL Property Managing Director, Andrew Jolliffe.
HTL Property, 8th September 2020
